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Savings Institutions, SOP Manual

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This SOP article delivers a brief report on“Savings Institutions”.This industry primarily involved in providing various services such as cash deposits, mortgage loans, other loans, and cash transaction services, where they operate under the respective country’s central bank. Rising global population, emerging economic conditions in developing nation, rising growth in commercial and industrial segments, globalization, and urbanization development, these are the major facts that influence the growth of global savings institution industry market. Banking institutions in china lead the global market in terms of holding largest assets values. Whereas, United States banking institutions dominate the global market in terms of market capitalization. Economic slowdown, money laundering, fraud activities, and other external affairs these are considered as the major threats which may led to restrict the growth of global savings institution industry market. According to the market report and future trends, the global savings institution industry market is anticipated to witness a tremendous growth in upcoming forecast period.

Industry’s Subsector:

  • Associations, savings and loan
  • Banks, savings
  • Federal savings banks
  • Institutions, savings
  • Mutual savings banks
  • Savings banks
  • Savings institutions
  • State savings and loan associations
  • State savings banks
  • Federal savings and loan associations (S&L)
  • Savings and loan associations (S&L)

Typical Types of Departments Performed in Commercial Banks:

  • Paying Teller’s Department
  • Receiving Teller's Department
  • Note Teller's Department
  • Collection Department
  • Transit Department
  • Loan or Discount Department
  • Credit Department
  • Analysis or Statistical Department
  • Individual Ledger Department
  • General Ledger Department
  • Country Bank Account Department
  • Auditor's Department
  • Exchange Department
  • Purchasing Department
  • New Business Department
  • Safety Deposit Department
  • Special Deposit Department

Industry Process:

Saving institutions is the one of the major segments that determines the wealth of the nation, so it is considered as a part and parcel in economic growth of the country. Commercial banks are regulated and standardized by the respective central bank of the country, where the central banks implement the banking laws and those are followed by the commercial banks. Saving institution generates revenue by earning interest for the loan they lend to the customers, and also by collecting charges for the service they provide. Innovative strategies, services, and customer satisfaction are the major facts that determines the success of the saving institutions.

Functions of Commercial Banks:

Primary Functions:

  • Deposit Acceptance
  • Fixed Term deposits
  • Current A/c deposits
  • Recurring deposits
  • Saving A/c deposits
  • Tax saving deposits
  • Deposits for NRIs
  • Lending Money
  • Overdraft facility
  • Loans & Advances
  • Cash Credit

Secondary Functions:

  • Payment of taxes, bills
  • Fund collection through bills, Cheques etc.
  • Transfer of funds
  • Sale-purchase of shares and debentures
  • Collection/Payment of dividend or interest
  • Perform as a trustee and executor of properties
  • Foreign exchange Transactions
  • General Utility Services: locker facility

International Association Regarding this industry:

Leading Saving Institutionsin the World:

Journals and Magazine Related to this Industry:

Video related to this article:

https://www.youtube.com/watch?v=Fb5Nrc6YW9U

Written by SOP Team

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